Edward Marchesi Massimo Zanetti Beverage Group (MZB Group), the well-known owner of the Segafredo Zanetti brand, is at the center of a competition among international investors. After attracting interest from several operators, five final offers have been submitted this year, some of which seek to acquire the entire controlling interest.
The five offers: two industrial and three funds
The negotiating table involves two industrial groups and three private equity firms. On one side is Kofola, the Czech giant known for its eponymous carbonated beverage, and on the other is Westrock Coffee Company, a US-based company from Arkansas, controlled by the Ford family and listed on the Nasdaq. Operating alongside them are three funds: One Rock Capital Advent and BC Partners.
The proposals revolve around a controlling stake that could reach 100% of the capital, but the overall value of the operation is estimated at around 1,2 billion euros.
Kofola, the Czech answer to Coca-Cola
Founded in the 50s to offer a local alternative to Coca-Cola, Kofola has grown into a diversified group active in juices, energy drinks, lemonades and beers.
After the 1989 crisis, the Greek Samaras family acquired control, initiating a phase of expansion. Their interest in Segafredo stemmed from a desire to enter the coffee market and leverage the Italian brand's global network; the Czech holding company closed 2025 with preliminary revenues of €435 million.
Westrock Coffee Company, the American gamble
Founded in 2009 during Scott Ford's sabbatical in Rwanda, the company began with local cultivation, and in 2020 acquired S&D Coffee & Tea for $405 million, becoming one of the leading U.S. coffee and tea producers. Net sales exceeded $1,2 billion in 2025, nearly 40% higher than the previous year. The combination of an Italian brand with American logistics and distribution is the rationale behind the proposal.
The funds involved
One Rock Capital manages the Primo Brands water portfolio and is seeking growth opportunities in the beverage sector. Advent has previously invested in companies such as Irca and Avio , demonstrating its experience in the industrial sector. BC Partners has been active in Italy for years, owning the Cigierre restaurant chains (Old Wild West, Wiener Haus) and participating in deals involving Fedrigoni and Dental Pro . All three funds submitted final offers by October.
MZB Group's recent results
In 2025, the group posted consolidated revenues of €1,315 billion, a 27% increase compared to the previous year. Ninety percent of revenues were generated abroad, with the United States leading the market. EBITDA rose to €86 million (+39%), while net profit stood at around €2 million. The net financial position decreased to approximately €317 million, reflecting a reduction in debt. In the final half of 2026, revenues reached €693 million and EBITDA € 60 million, a 48% increase compared to the same period of the previous year, despite rising Arabica prices due to climate and speculative factors.
The role of QuattroR and exit prospects
The Italian fund QuattroR, 65% owned by CDP (Cassa Depositi e Prestiti), was established in 2024 to strengthen the capital structure of the group, which was burdened by a high level of debt. With recent results, the fund believes it has completed its revitalization mission and declares itself ready to sell its entire stake. CEO Pierluigi Tosato remains at the helm, but the final decision rests with founder Massimo Zanetti , who will evaluate the possibility of selling his 35% stake based on the EBITDA multiple recognized by the buyers. Negotiations are being managed by Lazard and Intesa Sanpaolo IMI CIB , which will select the two investors with whom to begin final negotiations by the end of the year.
The Segafredo Zanetti case is part of a broader trend of Italian asset disposals: from 2022 to date, approximately 2,000 companies have been acquired by foreign investors for a total value of €107 billion. In the first nine months of 2026, 275 cross-border transactions totaling nearly €10 billion were completed, demonstrating a domestic market that remains highly attractive to foreign capital.